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Insider Trading and Fraudulent Share Repurchase 内幕交易和欺诈性股票回购
Credit and Capital Markets Pub Date : 2022-04-01 DOI: 10.3790/ccm.55.2.227
Duncan S. Wang, Xiang Li, Hui Tang, Yicheng Sun
{"title":"Insider Trading and Fraudulent Share Repurchase","authors":"Duncan S. Wang, Xiang Li, Hui Tang, Yicheng Sun","doi":"10.3790/ccm.55.2.227","DOIUrl":"https://doi.org/10.3790/ccm.55.2.227","url":null,"abstract":"Share repurchase conveys information to investors and influences stock price in capital market. Normally when a company announces share buyback, the company’s stock price will rise immediately. Thus, some insiders may take advantage of this pattern and create a fake repurchase event. When the stock price rises due to the announcement, the insiders can sell their shares at a higher price, which is insider trading of fraudulent share repurchase. We study short-term reactions around the repurchase event, using a sample of 2,272 repurchase firms in the Chinese stock market from 2013 to 2019. The main finding is that insider trading around the repurchase event is prevalent and insider trading of fraudulent repurchase is most serious. We also find that companies with more serious agency problem and poorer corporate governance are more likely to engage in fraudulent repurchase, and that companies with lower EPS and ROA, higher firm size and higher leverage are more prone to have fraudulent repurchase event. This paper can provide practical guidance in differentiating the normal repurchase from the fraudulent repurchase.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42496247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The EFA Annual Meeting 2021 in Milan, Italy, and Shifts in Focus Regarding Contents from 2009 to 2021 2021年在意大利米兰举行的全民教育年会，以及从2009年到2021年关于内容的重点转移
Credit and Capital Markets Pub Date : 2022-01-01 DOI: 10.3790/ccm.55.1.121
Wolfgang Breuer
{"title":"The EFA Annual Meeting 2021 in Milan, Italy, and Shifts in Focus Regarding Contents from 2009 to 2021","authors":"Wolfgang Breuer","doi":"10.3790/ccm.55.1.121","DOIUrl":"https://doi.org/10.3790/ccm.55.1.121","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77953046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Do Large TARGET2 Balances Bear Risks for the Euro Area? 欧元区的大TARGET2平衡是否存在风险?
Credit and Capital Markets Pub Date : 2022-01-01 DOI: 10.3790/ccm.55.1.3
Maximilian Horst, Ulrike Neyer
{"title":"Do Large TARGET2 Balances Bear Risks for the Euro Area?","authors":"Maximilian Horst, Ulrike Neyer","doi":"10.3790/ccm.55.1.3","DOIUrl":"https://doi.org/10.3790/ccm.55.1.3","url":null,"abstract":"Large increases in TARGET2 balances in the euro area since 2008 have led to concern and debate about the appropriate interpretation and policy reaction – in particular in TARGET2 creditor countries such as Germany. Against this background, we examine the main drivers of the increases and asymmetries in TARGET2 balances that have emerged in the context of the financial and sovereign debt crises as well as in the context of the Eurosystem’s implementation of quantitative easing (QE) and the COVID-19 pandemic. Moreover, this paper analyzes the potential risks for euro area member states in the case of (i) the unchanged continuity of the monetary union, (ii) the withdrawal of a member state with (large) TARGET2 liabilities, and (iii) the break-up of the whole monetary union. Depending on the outcome of exit negotiations and the operational handling, there can be direct risks in the form of default losses of TARGET2 balances and indirect risks in the form of threat potentials if TARGET2 debtor countries pretend to plan to leave the euro area. Based on this, we discuss adaption options for the TARGET2 payment system and consider an exit from the ECB’s accommodative monetary policy in order to scale back the high amount of excess liquidity in the euro area banking sector which is the prerequisite for the emergence of TARGET2 balances.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90660867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What Drives Financing Decisions of SMEs? A Survey of German Bank Advisers 中小企业融资决策的动因?对德国银行顾问的调查
Credit and Capital Markets Pub Date : 2022-01-01 DOI: 10.3790/ccm.55.1.67
Marco Goeck, Ursula Walther
{"title":"What Drives Financing Decisions of SMEs? A Survey of German Bank Advisers","authors":"Marco Goeck, Ursula Walther","doi":"10.3790/ccm.55.1.67","DOIUrl":"https://doi.org/10.3790/ccm.55.1.67","url":null,"abstract":"\u0000 This study explores companies’ financing decisions from a new perspective, those of the bank advisers, who are deeply involved in the decision processes, but are nevertheless outsiders. In our survey, corporate advisers of a large German bank report their perception of clients’ decisions. The survey covers both large companies and many SMEs. It confirms the relevance of company size, but also indicates strong heterogeneity within the SMEs. While some SMEs seem to resemble large companies, others differ noticeably. Our results confirm the relevance of strategy, management experience and decision makers’ personalities, but give little support for capital structure theories. The current change in German companies’ financing behavior towards more market-oriented instruments is clearly visible in the responses. The core motivations seem to be a desire for financial stability and flexibility. To secure this, companies tend to combine traditional bank financing with new instruments.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91283383","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
State-Contingent Government Debt: a New Database 国家或有政府债务:一个新的数据库
Credit and Capital Markets Pub Date : 2022-01-01 DOI: 10.3790/ccm.55.1.35
Gonçalo Pina
{"title":"State-Contingent Government Debt: a New Database","authors":"Gonçalo Pina","doi":"10.3790/ccm.55.1.35","DOIUrl":"https://doi.org/10.3790/ccm.55.1.35","url":null,"abstract":"\u0000 State-contingent government debt has been proposed as a way to reduce costly debt crisis. However, markets for this type of debt remain very limited, for reasons that are not yet fully understood. This paper describes a new database covering state-contingent government debt issued between 1863 and 2020. Based on these data, this paper shows stylized facts regarding the main design features, and market performance, of state-contingent government debt. It also provides a brief history of state-contingent government borrowing, which is contextualized with a simple theoretical model of state-contingent debt. The results show that there have been several small, heterogeneous, issuances of state-contingent debt, which resemble pilot runs in this new asset class. The paper concludes with some common challenges associated to state-contingent government debt.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85327591","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
On the Effectiveness of Signaling Strategies in the Field of Online Investing 网络投资领域信号策略的有效性研究
Credit and Capital Markets Pub Date : 2022-01-01 DOI: 10.3790/ccm.55.1.99
Friedrich Thießen, Marcel Bläute
{"title":"On the Effectiveness of Signaling Strategies in the Field of Online Investing","authors":"Friedrich Thießen, Marcel Bläute","doi":"10.3790/ccm.55.1.99","DOIUrl":"https://doi.org/10.3790/ccm.55.1.99","url":null,"abstract":"\u0000 The area of online investing is reshaping the financial industry through the emergence of numerous new providers with innovative concepts. This has led to new challenges for customers, such as how to assess the reliability and trustworthiness of the new providers and their offers. This empirical-experimental study has investigated the effectiveness of signaling strategies in offers for digital service innovations. The results could furnish useful input for the market strategies of the providers of innovative services. At the same time, the study serves to test theory; it can be shown that several of the usual assumptions made in the information economic based signaling theory do not apply in all cases. It is also shown that signals used by real financial service providers in the Internet are, in part, of very limited effectiveness.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87104662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
52nd Konstanz Seminar on Monetary Theory and Monetary Policy 第52届康斯坦茨货币理论与货币政策研讨会
Credit and Capital Markets Pub Date : 2022-01-01 DOI: 10.3790/ccm.55.1.137
S. Dobkowitz, Matthias Gnewuch, Maximilian Weiß
{"title":"52nd Konstanz Seminar on Monetary Theory and Monetary Policy","authors":"S. Dobkowitz, Matthias Gnewuch, Maximilian Weiß","doi":"10.3790/ccm.55.1.137","DOIUrl":"https://doi.org/10.3790/ccm.55.1.137","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74476626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Credit and Capital Markets: From 2022 Onwards Subscribe-to-Open-Journal 信贷和资本市场:从2022年开始订阅开放期刊
Credit and Capital Markets Pub Date : 2022-01-01 DOI: 10.3790/ccm.55.1.1
Hans-Peter Burghof, Hendrik Hakenes, Ulrike Neyer
{"title":"Credit and Capital Markets: From 2022 Onwards Subscribe-to-Open-Journal","authors":"Hans-Peter Burghof, Hendrik Hakenes, Ulrike Neyer","doi":"10.3790/ccm.55.1.1","DOIUrl":"https://doi.org/10.3790/ccm.55.1.1","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88424334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Impact of Media Attention on the Illiquidity of Stocks: Evidence from the Global FinTech Sector 媒体关注对股票非流动性的影响:来自全球金融科技行业的证据
Credit and Capital Markets Pub Date : 2021-10-01 DOI: 10.3790/ccm.54.4.589
E. Gaar, Valentin Moritz, D. Schiereck
{"title":"The Impact of Media Attention on the Illiquidity of Stocks: Evidence from the Global FinTech Sector","authors":"E. Gaar, Valentin Moritz, D. Schiereck","doi":"10.3790/ccm.54.4.589","DOIUrl":"https://doi.org/10.3790/ccm.54.4.589","url":null,"abstract":"\u0000 As a result of technological innovations in data processing, the exploitation of Internet usage data in relation to search engines or social networks is becoming increasingly intriguing for understanding and anticipating stock market movements. We analyze the impact of three alternative investor attention variables, i. e. Google search volume, Wikipedia page views, and stock market-relevant news on the rapidly growing FinTech sector. The result of the simultaneous correlation analysis reveals a highly significant correlation between the trading activities of the FinTech sector and the three investor attention variables. The time-delayed regression analysis complements the results by identifying substantial changes of the effects within one week considering the order of magnitude and sign. Furthermore, multivariate regression analysis highlights that the explanatory power for future stock trading activities and illiquidity primarily depends on Google search volume and stock market-relevant news volume, while the simultaneous correlations are best explained by the number of visits to the corresponding Wikipedia page.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88718733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Credit and Capital Markets – Kredit und Kapital: Volume 54, Issue 4 信贷和资本市场-信贷和资本:第54卷，第4期
Credit and Capital Markets Pub Date : 2021-10-01 DOI: 10.3790/ccm.54.4
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 54, Issue 4","authors":"","doi":"10.3790/ccm.54.4","DOIUrl":"https://doi.org/10.3790/ccm.54.4","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44816517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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